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Old May 7th, 2007, 11:27 PM   #801
london lad
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News that News International might move to CW.

- - - - - - - - - - - - - -
News International ponders Wapping exit plans

13.04.07

News International, the newspaper publisher owned by Rupert Murdoch’s News Corporation, has held talks with Canary Wharf to move its headquarters from Wapping in east London.

The publisher is understood to be in early discussions about taking a new office, but is understood to be keeping its options open.

News International has considered a move from its famous ‘Fortress Wapping’ building for several years, and is believed to need up to 400,000 sq ft (37,160 sq m). It could also consider other areas in Greater London where rents would be cheaper.

The 14 acre (5.7 ha) Wapping site has been earmarked as a potential residential conversion.

A deal might involve Canary Wharf taking control of the Tower Hamlets site. The developer is known to be keen to expand its land and property holdings outside its immediate estate.

Canary Wharf has several sites that could be suitable for News International, such as land next to 15 Canada Square, which has been let to KPMG.

No one would comment on the move.
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Old May 8th, 2007, 08:58 AM   #802
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It's time to decide now, they have been mulling a move for years.
Another 2 floors are under offer at 1CS.
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Old May 8th, 2007, 03:54 PM   #803
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Financial Times -

The City of London & Sir Stuart Lipton have argued that changes need to be made to the new planning powers that will soon be given to the Mayor of London.

They believe this extra strata of planning will delay applications and will add confusion to a process that currently sees the Square Mile approve 99% of applications made to its committe. Currently the corporation and developers work together to bring an acceptable design to fruition.

The article also says that the mayor may use his new powers to leverage larger section 106 agreements from developers adding further costs that may put off future development.
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Old May 8th, 2007, 04:20 PM   #804
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A shame they cant weight up the pros as well as the cons. The City approved 20FC, but it still may not go ahead (good IMO). What would his new powers allow him to do?
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Old May 8th, 2007, 10:34 PM   #805
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Ten years to build 5,000 homes and an aquarium? Ridiculous.

They're doing an entire Olympic Park and Stratford City in five.
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Old May 8th, 2007, 11:57 PM   #806
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Rather long article from January about speculative development in the city over the next few years- Interesting to note BL have since this article filled up most of 201BG.

- - - - - - - - - - -- - - - - -- - - - - - -- - - - - -

Deal or no deal?

26.01.07

As a swathe of schemes go up across the Square Mile, developers are trying to time prelets to get the best rents.

By Christine Eade

Advertisement

In the next few weeks, the City of London’s first developer-built office tower will reach its full height.

In the middle of March, the steel frame of British Land’s Broadgate Tower will extend to 540 ft. It will be 60 ft shorter than 30 St Mary Axe or Tower 42, but they were both built by owner-occupiers the former by Swiss Re, the latter by NatWest before being sold and multi-let. The 33 floors above the railway lines leading to Liverpool Street station are being constructed at a cost of £292m.

Research by DTZ shows that there are fewer new offices ready for occupation in the City than at any time since 2001. But Broadgate Tower and British Land’s neighbouring development at 201 Bishopsgate each more than 400,000 sq ft (37,160 sq m) are just the beginning of a stampede of speculative development that will be completed over the next three years (see table,).

Earlier this month, Paul Burgess, director and head of London leasing at British Land, stood on the newly concreted 16th floor where he could see the new stadium at Wembley to the north-west and the familiar cluster of Canary Wharf towers to the east.

‘The tower is already beginning to make an impact on the skyline,’ he says. ‘We see it as being multi-let, maybe for small occupiers who are already in Broadgate. Some will be existing big occupiers. People will come to us and say, “We want 26,000 sq ft for five years for a particular project.” It will broaden the appeal of Broadgate.’

Constructive approach

Burgess is making a fairly safe assumption. When British Land opened 10 Exchange Square last year, after redeveloping Hamilton House, all incoming tenants, including Close Brothers, lawyer Herbert Smith and Western Asset Management, were existing Broadgate tenants.

British Land aims to complete Broadgate Tower in May 2008 and 201 Bishopsgate in February 2008. But the optimism over the schemes is part of a much broader question: who will be the occupiers in the next wave of speculative development?

Developers are so confident of the continuing strength of the economy, which has boosted tenant demand (see graph 1) that work could begin on more than 4m sq ft (371,609 sq m) of offices without the comfort of a prelet.

For the next few years those who monitor development in the City will have the task of chronicling at what point in the development process a tenant signs up. Then the researchers will have to work out whether the tenant has achieved a good deal by committing early, or whether the demand will be so great that there will be no rewards for forethought.

No one has come up with a neat way of describing a letting that takes place while a building is under construction. It is not a prelet – that is when a tenant bestows covenant strength on a developer in return for agreeing to a low rent, and thus sets the development in progress (see graph 2,).

Burgess demonstrates the adaptable letting strategy in the absence of prelets at 201 Bishopsgate. He displays a PowerPoint plan of one of the 38,000 sq ft (3,530 sq m) floorplates from one of the 12 floors to show how it could accommodate 372 traders in a columnless environment. With the click of a mouse the floor converts into cellular offices.

‘One of the mistakes one could make is to do this much too early on the leasing side,’ he says. ‘All we want to do is create market awareness of the buildings and what will be delivered.’

Burgess is not quoting a rent on the tower, and thinks competition will come from Hammerson, GE Real Estate and Bank of Ireland’s redevelopment of the frame of the former London Stock Exchange building at 125 Old Broad Street. He told a couple of prospective tenants that the rent on 201 Bishopsgate could be about £52.50/sq ft (£565.11/sq m).

‘But the way the market is moving, it is something we will have to have under review,’ he says. ‘We have to be careful if we are to enter into an early letting that it is on the right terms. 2008 is the optimum time to be delivering into the market. Demand will be at its strongest and supply will remain limited.’

To illustrate the point, Burgess can see from the 16th floor of the tower a development coming out of the ground which was once known as Lloyd’s 58 in Lime Street, but which is now known as the Willis Tower after British Land cleared the site and agreed a prelet with insurance broker Willis Group for almost all the 475,000 sq ft (44,128 sq m).

The £47.50/sq ft (£511.29/sq m) rent on a 25-year lease was agreed more than two years ago. ‘I expect that we would get more now,’ says Burgess. ‘But we were able to tailor the floorplates to their needs.’

The Shell and core will be handed over to Willis later this year. As other developers watch the fit-out of the 410 ft tower, they will be asking whether they should be securing a prelet or finding a tenant during construction to ensure an occupied building.

Money talks

The decision is not always theirs to answer, as those providing the funding will have a big say. As the two Broadgate additions were financed from British Land’s own resources, the decision to go speculative was not an issue.

Land Securities is stripping asbestos from One New Change before the 1930s former Bank of England extension is demolished and replaced by 340,000 sq ft (31,586 sq m) of offices above a shopping centre. In October, LandSecs entered into an equal partnership with Boston-based Beacon Capital Partners for the £500m scheme. That reduced the risk of a speculative start.

But as Mike Hussey, managing director of LandSecs’ London portfolio, points out: ‘We started One Wood Street without an occupier. Everybody’s strategy is different, depending on their exposure to development. We needed to deliver a scheme into the portfolio, because we had only one 200,000 sq ft office under development at the time.’

After starting at the end of 2005, LandSecs announced last April that law firm Eversheds had taken an 18-year lease on all 165,000 sq ft (15,329 sq m) at One Wood Street. In a few months’ time, Eversheds will begin to fit out the eight-floor development.

Hussey admits that £50/sq ft (£538.20/sq m) for the best space, and slightly less on the rest, looks ‘reversionary’. However, he reasons:

‘This would matter if we were a trader-developer. Then we would have said: “If only we had held out for another £10/sq ft”.’

So a decision on the right time to sign up a tenant also depends on whether the developer proposes to sell the completed building to an investor and will hold out for a high rent followed by a quick sale. If the scheme is carried out by a joint venture it is easier to develop speculatively because the risk is shared.

Against this background, an unprecedented development boom has begun. City agents have to advise developers on the timing of signing up a tenant. They also have to advise tenants at which point in the development process they will get the best deal.

Some City agents say the demand for new offices is so great that there are no bargains. Others point to 5 Aldermanbury Square which is being developed by three funds. Last summer Fortis Bank signed up to take 156,000 sq ft (14,492 sq m) during construction and paid just over £50/sq ft (£538.20/sq ft). By the time Australian bank Babcock & Brown signed up

for floors 13 to 16, totalling 60,000 sq ft (5,574 sq m) in the autumn, the rent had increased to £62.50/sq ft (£672.75/sq m).

Nick Baucher, GVA Grimley’s partner in charge of City development, says: ‘There is 11m sq ft of demand named and a speculative pipeline of 5m sq ft. That doesn’t sound too bad. The 5m sq ft will grow towards the end of this year.

If it doubles, that could be a bit too much.’ What makes this development boom different from the 1980s boom is that there is no counter-attraction in Canary Wharf, where 10m sq ft (929,022 sq m) once lay vacant.

As Robert Calnan, a director in Jones Lang LaSalle’s City office, points out: ‘There is very little space available in Canary Wharf now apart from 40 Bank Street. Anyone who wants a large chunk of space is forced into a prelet.’

His colleague, Neil Prime, agrees. ‘We are in no doubt that a large proportion of the speculative pipeline will be taken before it gets to the marketplace,’ he says. ‘One of the reasons why we saw rental growth at the end of December is because we didn’t have a speculative supply of offices.’

Neil Scambler, a partner in City agent BH2, sees 5 Aldermanbury Square as the first building in this development cycle and Condor House (market in minutes, p83) which was completed in June 2005, as the last building in the previous one, demonstrating an 18-month time lag between cycles.

He says Aldermanbury is arguably the best building under construction in the City and that Fortis was wise to get in early. But he adds: ‘The tenant is the catalyst for profit and de-risking. The developer will say: “I want to de-risk part of my building”. Preletting in 2007 will be at a discount, but it will be negligible.’

Prelets galore

However, DTZ director James Oliver thinks this year will be a busy time for prelets and letting under construction. ‘A landlord hasn’t created a value in his buildings unless he has a 200,000 sq ft prelet,’ he says. ‘Then there is a huge amount of value. We are going to see more and more prelets for another 18 to 24 months.’

Nevertheless, tenants are not preoccupied by rents. Mark McAlister, senior director at CB Richard Ellis, says: ‘Headline rents are at £52.50/sq ft and, in real terms, that is probably what tenants were paying 20 years ago.

‘Property costs are not as significant as they used to be. HR, IT and security are the big issues for these people.’

Even from this perspective, the ‘to commit, or not to commit’ gamble looks like being this year’s big talking point.
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Old May 9th, 2007, 03:14 PM   #807
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What do people think of this redevelopment of foundes Place in Waterloo opposite St Thomas hospital?? Its causing a lot of debate on the SE1 forum

http://www.gsttcharity.org.uk/pdfs/G..._1_for_web.pdf
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Old May 9th, 2007, 03:41 PM   #808
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Quote:
Originally Posted by london lad View Post
What do people think of this redevelopment of foundes Place in Waterloo opposite St Thomas hospital?? Its causing a lot of debate on the SE1 forum

http://www.gsttcharity.org.uk/pdfs/G..._1_for_web.pdf
I think it looks rather good, as far as one can tell from the images provided. "Healthcare-led": I hope that is true. Key worker housing - tick. Funded by private housing - sounds like property speculation to me, which given it is an NHS project sounds worrying.

But - and I'm sorry to put a downer on this - "Ronald McDonald House"??

"Ronald McDonald House"???!!??

I cannot fully express the hatefulness of this idea without hand signals and pit language, neither of which have a place on this forum.

Is there no part of our lives that are not blighted by this repugnant institution, or one like it? Aside from the irony of a fast-food restaurant sponsoring healthcare, it is the height of tastlessness and the very acme of inappropriate corporate intrusion. In short the project has a lot going for it, but I hope someone sees sense and consigns the plans for Ronald McDonald house to the bin, fast.
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Old May 9th, 2007, 04:11 PM   #809
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^ Unfortunately, the link is not working for me, so I cannot comment on the design but.........

Are you joking? Ronald McDonald House!? The only add campaign that features a look alike of Tim Curry in the film 'IT', the creature that eats children! (see front page of Eddie88 members myspace signature) Ronald Mc Donald...well known paedaphile for childrens diets....what language would you not use my friend? ...things like....F... ....f you c...! and you money making 'Im so kind really and dont harm people' b.......! You f....c...! F.... off! ..hum sigh!
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Old May 9th, 2007, 04:23 PM   #810
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I really wish I was joking. Ronald bloody McDonald. Surely the sheer evil of their naming a building (as it happens, a residential unit for the parents of sick children) in this way will create a storm of protest. Surely.......
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Old May 9th, 2007, 04:38 PM   #811
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"Ronald is the one...he puts fun in a bun, Ronald is the one...his c... is up my bum! At McDonalds...Killing kids is SOOOO much FUN!!!" (in my opinion...legal caveat)

CAn you tell me why the link for the building is not working?

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The headlines read: 'another footballer is charged with sexual miscontuct'!

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Last edited by mulattokid; May 9th, 2007 at 04:43 PM.
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Old May 9th, 2007, 04:46 PM   #812
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I just tried it again - works just fine.
It connects to a pdf - you can ask someone you know to download the document and send you a copy if you cannot see it directly in the website.
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Old May 9th, 2007, 05:06 PM   #813
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Many thanks..I went to the site and this link worked for me:
http://www.gsttcharity.org.uk/pdfs/fpnewsjan05.pdf

Its just a small tower...but what wonderful work....I cant say anything negative really, cause good things will happen, albeit in the wrong name.
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Old May 9th, 2007, 06:09 PM   #814
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Although its a bit of a cynical marketing ploy on McD's part there are a number of Ronald McDonald homes around the world- I think its a charity set up by the burger boys whereby they build places near hospitals for relatives of sick children to stay whilst they are in hospital.
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Old May 9th, 2007, 06:13 PM   #815
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In other news Southwark council are in talks for UBS Tooley St 200,000sq ft development (being built by GPE) as there new HQ. Its the construction site oppo More London with the retained Victorian buildings fronting Tooley St.

If this gets taken it will just leave the Shard & Mini-shard (I forget the marketing name for it- Is it the Gem??) as grade A office space avaliable in the area.
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Old May 9th, 2007, 06:13 PM   #816
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http://www.rmhc.com/rmhc/index/about/faq.html

What's the relationship between Ronald McDonald House Charities and McDonald's Corporation?
McDonald's Corporation provides RMHC with free use of its facilities, equipment, materials and limited services. The free goods and services provided by McDonald's Corporation partially defray certain costs that the Charity would otherwise incur to conduct special fundraising events as well as for program services, fundraising and management and general expenses. Many McDonald's restaurant owner/operators also generously support RMHC through in-restaurant fundraisers such as the RMHC Canister Program and World Children's Day, which benefits RMHC and other children's causes worldwide. These in-restaurant activities allow McDonald's customers around the world to make contributions in support of RMHC. We are very grateful for everything McDonald's and its franchisees do for us. The remainder of our annual operating income comes from individual and other corporate donors.


Hmm not emotional led advertising then
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Old May 9th, 2007, 06:59 PM   #817
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Some snippets about the planned re-development of Waterloo Station from a recent article in Propertyweek.

- - - - - - - - - - - - - - - - - - -

"Network Rail is drawing up a 25-year plan for a radical redevelopment of the 4m sq ft (371,609 sq m) station that will lower the concourse to street level, extend retail space of around 200,000 sq ft (18,580 sq m) both inside and outside the station and add an office tower on top. The project will be on the same scale as that which transformed Broadgate in the 1980s.

Next summer Network Rail will tender for a development partner as it already has done for Euston in north London, where British Land has been selected, and Victoria station in central London, for which Hammerson is in exclusive talks .

‘The plans are still very conceptual and there is nothing set in stone yet,’ says Ian Lindsay, head of commercial development at Network Rail. ‘But we have an idea of what we want to see and we are thinking big on this one.

It will be one of the biggest railway station redevelopments for decades."

ALSO THIS ON THE ELIZABETH HOUSE REDEVELOPMENT

"Lindsay points to the planned redevelopment of Elizabeth House on York Road opposite Waterloo by P&O and Morgan Stanley Real Estate Funds.

The joint venture plans to demolish the 1960s office and replace it with a 1.3m sq ft (120,770 sq m) mixed-use scheme. A planning application is expected soon.

‘It is important to approach this with a much wider view,’ says Lindsay. ‘What P&O will be doing next door will have a big impact on the area and we have be aware of what role the redevelopment of Waterloo plays in that.

I don’t think you can view what we are doing at Waterloo in isolation."
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Old May 9th, 2007, 08:06 PM   #818
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Barking town centre regeneration phase2...this time there's a tower



More info and renderings :
http://www.ltgdc.org.uk/uploaded/doc...eappendix2.pdf
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Old May 9th, 2007, 08:16 PM   #819
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^ Whoa thats cool.
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Old May 9th, 2007, 08:16 PM   #820
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I was in the West End today, saw this crane on the South Bank. Anybody know what's going on here?

Probably nothing but I thought it was worth asking.


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